Module 5 Test Review - Economics - 7th Grade

Module 5 Test Review - Economics - 7th Grade

7th Grade

22 Qs

quiz-placeholder

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Module 5 Test Review - Economics - 7th Grade

Module 5 Test Review - Economics - 7th Grade

Assessment

Quiz

Geography

7th Grade

Medium

Created by

Angel Christopher

Used 232+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Why is a profit motive important in many economies?

people would not use coupons without it

businesses could not advertise without it

businesses could not set prices without it

people would not start businesses without it

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which word is "raw materials needed to produce growth"?

capital

labor

natural resources

financial capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which word is "money that a business uses to buy the items needed for the business to function"?

capital

natural resources

labor

financial capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which word is "human time, effort, skills, and talent needed to produce goods"?

labor

capital

natural resources

financial capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which word is "items such as tools, machines, factories, and office equipment needed for a business to function"?

financial capital

capital

labor

natural resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of the following scenarios accurately illustrates the concept of economic interdependence?

an entrepreneur decides to open a bakery and produces bread for his neighborhood

good rainfall allows a farmer to produce more strawberries and he chooses to expand his business

Japan lacks iron to make steel, so Japan enters into a trading relationship with Australia and Brazil, who supply Japan with iron ore

South Africa is rich in diamonds, gold, and mineral resources, so South Africa creates a mining industry that produces much wealth

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which country has a capitalist economy?

China

Sweden

Taiwan

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